Exhibit 10.1

                              FIRST MARINER BANCORP
                        2003 EMPLOYEE STOCK PURCHASE PLAN

          1.  Purpose.  The purpose of this 2003  EMPLOYEE  STOCK  PURCHASE PLAN
("Plan")  is to provide all  eligible  employees  of FIRST  MARINER  BANCORP,  a
Maryland corporation,  and its participating subsidiaries (collectively referred
to as the  "Company")  with an opportunity to acquire an interest in the Company
through  the  ownership  of  shares of common  stock,  par value  $.05 per share
("Common Stock") of the Company through payroll deductions. The Plan is intended
to permit eligible  employees to acquire or increase their proprietary  interest
in the growth and success of the Company, and to encourage them to remain in the
employ of the Company.

          2.  Administration.  The Plan shall be  administered  by the Company's
Compensation Committee (the "Committee").  Subject to the provisions of the Plan
and  applicable  law, the  Committee is  authorized to interpret the Plan and to
prescribe,  amend and rescind rules and regulations  relating to the Plan and to
any options granted thereunder,  and to make all other determinations  necessary
or advisable for the administration of the Plan. These  determinations  shall be
final and binding upon all persons unless  otherwise  determined by the Board of
Directors (the "Board").  A quorum of the Committee  shall consist of a majority
of its members.  The Committee may act by vote of a majority of its members at a
meeting at which a quorum is  present;  or without a meeting if written  consent
setting  forth  the  action  taken is signed by all  members  of the  Committee.
Members of the Committee  shall not be permitted to  participate in the Plan. No
member of the  Committee  shall  vote upon or decide any  matter  relating  to a
member of his or her  immediate  family or to any rights or benefits of a member
of his immediate  family under the Plan. No member of the Board or the Committee
shall be liable for any action or determination  made in good faith with respect
to the Plan or any option granted under it.

          3. Options Restricted to Employees. The options granted under the Plan
shall only be granted to eligible  employees of the Company or its participating
subsidiaries  to  purchase  shares  of the  Company's  Common  Stock.  The  term
"participating  subsidiary"  shall mean any  subsidiary  of the Company  that is
designated  by a resolution  of the Board of the Company to  participate  in the
plan.

          4. Limitation on Aggregate Shares; Adjustments.

              (a) Shares  Reserved.  The Company has reserved  100,000 shares of
Common  Stock,  par value $.05 per share,  for  issuance  upon the  exercise  of
options  granted under the Plan,  subject to adjustment as set forth below.  The
Company may use  authorized,  unissued  shares to fund the Plan. The Company may
also  repurchase  outstanding  shares,  including  shares  purchased in the open
market, upon such terms as the Company may approve, for delivery under the Plan.
The maximum number of shares of the Company's Common Stock available for sale in
any offering  period will be  established  by the  Committee  from time to time,
prior to an offering  period for all options to be granted  during such offering
period,  subject to adjustment  pursuant to this Section.  If any option granted
under the Plan shall terminate, be forfeited or expire unexercised,  in whole or
in part,  the shares so  released  from such  option may be made the  subject of
additional  options  granted under the Plan.  The Company shall reserve and keep
available  such  number  of  shares  as will  satisfy  the  requirements  of all
outstanding options granted under the Plan.

              (b) Adjustments Upon Changes in Capitalization. If the outstanding
shares of Common Stock of the Company  shall at any time be changed or exchanged
by  declaration  of a  stock  dividend,  stock  split,  combination  of  shares,
recapitalization,  merger,  consolidation or other corporate  reorganization  in
which the Company is the  surviving  corporation,  the number and kind of shares
subject to this Plan  (including  shares  reserved  under this Plan,  subject to
options granted  hereunder or credited or issued to Participants  hereunder) and

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option prices shall be  appropriately  and equitably  adjusted so as to maintain
the  proportionate  number of shares  without  changing the  aggregate  purchase
price. The determination of the Committee as to the terms of any such adjustment
shall be conclusive.

              (c)  Adjustments  Upon   Dissolution,   Liquidation  or  Corporate
Reorganization.  In the event of a dissolution or liquidation of the Company, or
a merger,  consolidation,  sale of all or  substantially  all of its assets,  or
other  corporate  reorganization  in  which  the  Company  is not the  surviving
corporation, or any merger in which the Company is the surviving corporation but
the holders of its Common Stock receive securities of another  corporation,  any
outstanding   options   hereunder   shall  terminate  and  the  amount  in  each
participating employee's account shall be refunded. The existence of the Plan or
options hereunder shall not in any way prevent any transaction  described herein
and no holder of any option shall have the right to prevent such transaction.

          5. Participation.

              (a) Eligibility.  All full-time  regular  employees of the Company
and its participating subsidiaries with 30 days or more of continuous employment
with the  Company  and/or its  participating  subsidiaries  will be  eligible to
participate in the Plan (a "Participant"). The term "full-time regular employee"
includes  persons  whose  customary  employment  with the Company is at least 20
hours per week and more than five months per calendar  year. For purposes of the
Plan, the employment  relationship  shall be treated as continuing  intact while
the  individual  is on sick  leave or other  leave of  absence  approved  by the
Company. Where the period of leave exceeds 90 days and the individual's right to
reemployment is not guaranteed either by statute or by contract,  the employment
relationship  shall be deemed to have  terminated on the 91st day of such leave.
No member of the Board who is not an employee of the Company or a subsidiary  or
who is a member of the Committee will be eligible to participate.

              (b) Ownership Limitations. No Participant may be granted an option
to purchase  shares under the Plan if such  Participant,  immediately  after the
option is granted, owns stock possessing 5% or more of the total combined voting
power or value of all  classes of stock of the  Company or any  subsidiary.  For
purposes  of the  preceding  sentence,  the rules of Section  424(d) of the Code
shall apply in determining the stock  ownership of an employee,  and stock which
the employee may purchase  under  outstanding  options shall be treated as stock
owned by the Participant.

              (c) Annual Dollar Limitations.  No Participant shall be granted an
option which  permits his or her right to purchase  shares under this Plan,  and
any other stock purchase plan of the Company,  to accrue at a rate which exceeds
$25,000 of fair market value of such stock  (determined  at the time such option
is granted) for each  calendar year in which such option is  outstanding  at any
time.

          6. Payment Periods. Each bi-weekly pay period,  commencing each Sunday
and ending the following  Saturday two weeks later is a "Payment  Period" during
which payroll  deductions will be accumulated under the Plan. The Committee,  in
its  discretion,  may  establish  other Payment  Periods for certain  designated
classes of Participants.

          7. Election to Participate.

              (a)  Authorization  Form.  An  eligible  employee  may enroll as a
Participant  in the Plan at any time by  completing  and  forwarding  a  payroll
deduction  authorization form to the Company.  The form will authorize automatic
payroll  deductions for each pay period commencing on the Offering  Commencement
Date (as defined below) next succeeding receipt of the authorization form by the
Company,  and continuing  until (i) the  Participant  changes the amount of such
payroll  deductions  pursuant to Section 7(c); (ii) the  Participant  becomes an

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ineligible  employee or withdraws from  participation  from the Plan pursuant to
Section 8; (iii) the Plan is suspended or terminated  pursuant to Section 24; or
(iv) the  Committee  otherwise  determines.  The form will  state the  amount of
salary or wages to be deducted  regularly  from the  Participant's  pay and will
authorize the purchase of stock for the employee in accordance with the terms of
the Plan. The authorization  form will contain an undertaking by the Participant
to notify the Company in the event that the  Participant  disposes of any shares
purchased  under the Plan within two years after the date of the granting of the
option  to  purchase  such  shares  or one  year  after  the  date of  purchase.
Enrollment  will become  effective as soon as  practicable  after the  Company's
receipt of the  authorization  form.  The Offering  Commencement  Date means the
first  business  day  of the  calendar  quarter  applicable  to an  offering  to
Participants of options to purchase shares (an "Offering").

              (b)  Payroll   Deductions.   The  Company  will  maintain  payroll
deduction  accounts  for  all  Participants.  No  interest  will be paid on such
accounts.  A Participant may authorize payroll  deductions not less than $10 per
Payment  Period but not more than $250 per Payment  Period or a lesser amount if
so determined by the Committee during a Payment Period.

              (c) Changes in Payroll  Deductions.  A Participant may at any time
(but in no event  more than twice  during the any  calendar  year)  increase  or
decrease the Participant's  payroll deduction by completing and forwarding a new
payroll  deduction  authorization  form to the Company in  accordance  with this
Section  7. The change may not become  effective  sooner  than the next  Payment
Period after the Company's receipt of the form.

          8. Withdrawal from the Plan. A Participant may withdraw from the Plan,
in whole but not in part,  by  submitting  written  notice of  withdrawal to the
payroll department. As soon as practicable following receipt of such notice, the
Company will refund to the  Participant  the entire cash balance  accumulated in
the Participant's  account and will issue to the Participant a stock certificate
representing the number of full shares credited to his or her account.

          9. Grant of Options.

              (a)  Quarterly  Offerings.   The  Plan  shall  be  implemented  by
Offerings to Participants of options to purchase shares. Offerings shall be made
each calendar quarter. Each Offering shall commence on the Offering Commencement
Date and  shall  terminate  on the last  business  day of the  calendar  quarter
applicable to the Offering (the "Offering  Termination  Date").  Offerings shall
continue  to be made under the Plan until the later of (i) the date the  maximum
number of shares identified in Section 4 has been purchased  pursuant to Options
granted  hereunder,  or (ii) the Plan is  terminated  or  suspended  pursuant to
Section  24.  The  Committee  shall  have the power to change  the  duration  of
Offerings  (including  the  commencement  dates  thereof) with respect to future
Offerings,  without shareholder  approval,  if such change is announced at least
two (2) days  prior to the  scheduled  beginning  of the  first  Offering  to be
affected thereafter.

              (b) Granting of Options. On the Offering Commencement Date of each
Offering Period, each Participant shall be granted an option to purchase on each
Offering  Termination  Date  during  such  Offering  Period a number  of  shares
determined  by  dividing  such  Participant's   accumulated  payroll  deductions
credited to the Participant's account as of the Offering Termination Date by the
Exercise  Price  specified in Section 9(c) below,  provided  that such  purchase
shall be subject to the  limitations  set forth in Sections 5(b) and (c) hereof.
An option granted under this Plan shall not result in income upon the receipt of
the shares subject to the option to the extent that the Participant  (other than
the Participant's  estate where the Participant is deceased) does not dispose of
the shares (i) two years from and after the date the option is granted, and (ii)
one year after the date the shares are issued to the Participant.

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              (c) Exercise Price . The exercise  price for each share  purchased
under this Plan will not be less than 90% of the fair market value of the Common
Stock on the Offering Termination Date ("Exercise Price"). The fair market value
of the Common  Stock on a given date shall be  determined  by the  Committee  as
follows:  If the Common Stock is listed on an  established  national or regional
stock  exchange,  is quoted on a quotation  system of the Nasdaq  Stock  Market,
Inc., or is publicly traded in an established securities market, the fair market
value shall be the closing  price of the Common Stock on such exchange or system
or in such market (the highest such closing price if there is more than one such
exchange or market) on such date or, if such date was not a trading date, on the
trading  date  immediately  preceding  the such  date  (or,  if there is no such
closing price, then the Committee shall use the mean between the highest bid and
the lowest  asked  prices or between the high and low prices on such  date).  If
there is no established  market for the Common Stock, then the fair market value
shall be established by the Committee in good faith.

          10.  Exercise of Options and Purchase of Shares.  Unless a Participant
withdraws from the Plan as provided in Section 8 hereof,  or except as otherwise
provided in the Plan or  determined  by the  Committee,  an option  granted to a
Participant  hereunder shall be deemed to have been exercised  automatically  on
the Offering  Termination Date applicable to such option. Such exercise shall be
for the purchase,  on or as soon as practicable  after the Offering  Termination
Date,  of the number of full  shares  that the  accumulated  payroll  deductions
credited to the Participant's  account as of the Offering  Termination Date will
purchase at the  applicable  Exercise  Price (but not in excess of the number of
shares  for which an Option  has been  granted to the  Participant  pursuant  to
Section  9). The  Participant's  account  shall be charged for the amount of the
purchase,  and the  Participant's  ownership  of the shares  purchased  shall be
appropriately evidenced on the books of the Company.  Subsequent shares, if any,
covered by the Participant's  option will be purchased in the same manner on the
next Offering  Termination  Date,  whenever  sufficient funds to purchase one or
more full shares have again  accumulated in the  Participant's  account.  If the
total  number  of  shares  for  which  options  are  exercised  on any  Offering
Termination  Date exceeds the maximum number of shares  reserved under the Plan,
the available  shares shall be allocated by the Committee among  Participants in
such manner as it deems equitable.

          11. Restrictions.

              (a) Rights Not Transferable.  No option shall be transferable by a
Participant other than by will and the laws of descent and distribution. Options
shall be exercisable only by the Participant during his or her lifetime and only
in the  manner  set  forth  herein.  Options  may not be  assigned,  pledged  or
hypothecated,  and shall not be  subject  to  execution,  attachment  or similar
process.

              (b)  Other  Restrictions.  The  Company's  obligation  to sell and
deliver  shares  under this Plan is subject to  compliance  with all  applicable
state and federal laws and  regulations,  compliance with the rules of any stock
exchange or quotation  service (such as the Nasdaq National Market) on which the
Company's  securities  may be listed,  and  approval  of such  federal and state
authorities or agencies as may have jurisdiction over the Plan or the Company.

          12. Participants' Accounts.

              (a) Accounts.  The Company  shall cause to be  maintained  payroll
deduction  accounts  for  all  Participants.  Payroll  deductions  made  from  a
Participant's  compensation shall be credited to the Participant's  account, and
shall be applied for the purchase of shares  pursuant to Section 10. No interest
shall be paid or allowed on any payroll  deductions  credited to a Participant's
account. At the time of purchase, each Participant will immediately acquire full
beneficial  ownership of all shares purchased for his or her account. All shares
will be registered  in the name of a nominee for the account of the  Participant
until delivery is requested.  Stock  certificates will be issued to Participants

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only  upon  their  request  or at the  time  of  termination  of the  Plan  or a
Participant's  withdrawal from the Plan or termination of  participation  in the
Plan pursuant to Section 14 hereof.  Stock  certificates  will be issued only in
the name of the Participant as it appears on the Participant's payroll deduction
authorization  form, or in the  Participant's  name jointly with a member of the
Participant's  family, with right of survivorship.  A Participant who requests a
stock certificate prior to termination of the Plan or upon his or her withdrawal
from the Plan or termination of  participation  in the Plan may not receive such
stock  certificate  until such time as his or her  account is  credited  with at
least 50 full shares,  and may not in any event receive more than one full stock
certificate in any calendar quarter.

              (b)  Quarterly   Statements.   Each  Participant  will  receive  a
quarterly statement from the Company as soon as practicable following the end of
each Offering. The statement will reflect the total amount of deductions for the
Participant's  account during such Offering period, the purchase prices, and the
amount of cash held at the end of the period.

              (c)  Notices to  Stockholders.  The Company  will  deliver to each
Participant  as promptly as  practicable  by mail or  otherwise,  all notices of
meetings, proxy statements and other materials distributed by the Company to its
stockholders.  There  will  be no  charge  to  Participants  for  the  Company's
retention or delivery of stock  certificates,  or in  connection  with  notices,
proxies or other such material.

          13.  Rights as a  Stockholder.  None of the rights or  privileges of a
stockholder  of the Company shall exist with respect to shares  purchased  under
this Plan unless and until a stock  certificate  representing  such shares shall
have been issued to the nominee for each Participant employee or directly to the
Participant.  In the case of shares held in the name of the nominee holder, such
rights and  privileges  shall  only inure  indirectly  to the  Participant  as a
beneficial  owner, and the Company shall be entitled to treat the nominee as the
record owner of such shares.

          14.  Rights on  Retirement,  Death or  Termination  of  Employment.  A
Participant's  participation  in the Plan shall terminate  immediately upon such
Participant's  retirement,  death,  or  termination  of  employment.  No payroll
deduction  shall be taken  from any pay due and owing to a  Participant  at such
time,  and  the  balance  in the  Participant's  account  shall  be  paid to the
Participant or, in the event of the  Participant's  death, to the  Participant's
estate or (with respect to a  Participant  who opened a joint account with right
of survivorship) to the Participant's  survivor, or to a designated beneficiary,
as set forth in Section 15 hereof.

          15.  Designation  of  Beneficiary.  A  Participant  may file a written
designation of beneficiary with respect to a person who is to receive any shares
and/or cash that such  Participant  would be  entitled  to under the Plan.  Such
designation  of  beneficiary  may be changed by the  Participant  at any time by
written notice to the Company.  Upon the death of a Participant and upon receipt
by the Company of proof of identity and existence at the Participant's  death of
a beneficiary  validly designated by the Participant under the Plan, the Company
shall deliver such shares and/or cash to such beneficiary. No beneficiary shall,
prior to the  death of the  Participant  by whom he or she has been  designated,
acquire any interest in the shares or cash credited to the Participant under the
Plan.

          16.  Withholding.  The  Committee  shall  have the  right to make such
provisions as it deems  appropriate  to satisfy any obligation of the Company to
withhold federal, state or local income or other taxes incurred by reason of the
operation of the Plan.

          17. Application of Funds. All payroll  deductions  received or held by
the  Company  under  this Plan may be used for any  corporate  purpose,  and the
Company shall not be obligated to segregate such payroll deductions.

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          18.  Expenses  Related to the Plan. The Company will bear all costs of
administering and carrying out the Plan.

          19. No Employment  Rights.  The Plan does not, directly or indirectly,
create  any right for the  benefit of any  employee  or class of  employment  to
purchase  any  shares  under the Plan,  or  create in any  employee  or class of
employees any right with respect to  continuation  of employment by the Company,
and it shall not be deemed to interfere in any way with the  Company's  right to
terminate, or otherwise modify, an employee's employment at any time

          20.  Share  Certificates.   Certificates  representing  shares  issued
pursuant to the Plan which have not been registered  under the Securities Act of
1933 shall bear a legend to the following effect:

              "The  shares   represented  by  this  certificate  have  not  been
              registered  under  the  Securities  Act  of  1933  and  any  state
              securities laws, and may not be assigned, transferred,  pledged or
              otherwise   disposed   of   without   registration   except   upon
              presentation  of  evidence  satisfactory  to the  Company  that an
              exemption from registration is available."

          21. Registration.  If the Company shall be advised by its counsel that
shares  deliverable upon any exercise of an option are required to be registered
under the Securities Act of 1933, or that the consent of any other  authority is
required for their issuance,  the Company may effect such registration or obtain
such  consent,  and delivery of the shares by the Company may be deferred  until
registration is effected or consent obtained.

          22.  Qualified  Plan.  It is the  intention of the Company to have the
Plan  qualify as an  "Employee  Stock  Purchase  Plan" under  Section 423 of the
Internal  Revenue Code of 1986, as amended (the "Code").  The provisions of this
Plan shall, accordingly, be construed so as to extend and limit participation in
a manner consistent with the requirements of that section of the Code.

          23.  Amendment of the Plan. The Board of Directors may at any time, or
from time to time,  amend  this Plan in any  respect;  provided,  however,  that
without the prior  approval of the holders of a majority of the shares of Common
Stock of the  Company  then issued and  outstanding  and  entitled  to vote,  no
amendment  shall be made (i)  increasing  or  decreasing  the  number  of shares
approved  for this Plan (other  than as provided in Section 4), (ii)  materially
modifying the eligibility  requirements  for  participation  in the Plan,  (iii)
materially  increasing the benefits accruing to Participants  under the Plan, or
(iv) amending the Plan in any manner which will cause options issued under it to
fail to meet the requirements of an "employee stock purchase plan" as defined in
Section 423 of the Internal Revenue Code.

          24.  Termination or Suspension.  The Committee shall have the power at
any time to terminate or suspend the Plan and all rights of  Participants  under
the  Plan.  Upon  termination  of this  Plan  all  amounts  in the  accounts  of
Participants  not applied to the purchase of shares  hereunder shall be promptly
refunded.

          25. Term of Plan; Effective Date. The Plan shall become effective upon
its adoption by the Board,  subject to approval of the Plan by the  stockholders
of the Company within 12 months of the date the Plan was adopted.  Unless sooner
terminated  by the  Board,  the Plan shall  continue  in effect for a term of 10
years.

          26.  Governing  Law. The law of the State of Maryland  will govern all
matters relating to the Plan,  except to the extent it is superseded by the laws
of the United States.


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          The  undersigned,  who is the duly elected Chief Financial  Officer of
the Company,  hereby  certifies that, this 2003 Employee Stock Purchase Plan was
approved by the Board of  Directors  of the Company and became  effective  as of
July 1, 2003.



                                        FIRST MARINER BANCORP


                                    By: /s/ Mark Keidel
                                        ----------------------------------------
                                        Mark Keidel
                                        Chief Financial Officer